The financial strain surrounding The Petersham and La Goccia restaurants has escalated to the point where both establishments could face closure due to rising rent disputes. Scheduled negotiations early next week will determine the future of these two Italian la carte eateries located in Covent Garden, London.
The Boglione family, who owns these renowned establishments, has found themselves locked in contentious discussions with their landlord, Shaftesbury Capital. The looming threat of closure indicates significant contention over the rental agreements, which could lead to administrators from Buchler Phillips stepping in should negotiations fail.
Petersham UK Limited, the operating company behind the restaurants, has already filed two High Court petitions within the last month intending to appoint administrators. These legal actions are aimed at securing breathing room to renegotiate their rent conditions, which have become untenable for the family-run businesses.
Despite the troubles at The Petersham and La Goccia, the wider Petersham Nurseries brand remains unaffected. Founded by Francesco and Gael Boglione, the Petersham brand has grown from their home – the historical Petersham House, established in the early 2000s, to incorporate not just the acclaimed restaurants but also a Michelin Green-starred venue and lifestyle shop located at their Richmond nursery.
Lara Boglione, their daughter, assumed responsibility for the day-to-day operations back in 2011. Under her guidance, the family has navigated various expansions, including the inception of Petersham Cellars, their own wine merchant serving the growing interest among connoisseurs.
The decision to open the Covent Garden restaurants came about only five years ago, signaling the family's commitment to both culinary excellence and pushing the Petersham brand forward. Unfortunately, the challenges presented by higher rents have been substantial. Lara Boglione articulated the strain the increases presented, saying, "The impact of higher rent could not be underestimated; we need to resolve this as soon as possible, having already made extensive efforts to [have] constructive discussions with the landlord."
These issues persist even as the family has garnered attention for various aspects of their business. The Petersham Nurseries site serves not just as eateries but as luxury lifestyle destinations, attracting clientele who celebrate its unique blend of gardening and gourmet experiences.
Reported by the Daily Telegraph, the discussions between the Boglione family and Shaftesbury Capital were delayed due to the festive period, underscoring the urgency to find an amicable resolution. The chill of uncertainty hangs over the establishments as stakeholders await the results of impending talks.
With their Michelin-acclaimed restaurant reputation on the line, the Boglione family aims for another opportunity to revitalize their businesses. The upcoming discussions will bear significant weight on not just their financial stability but also whether these beloved restaurants continue to be part of London’s vibrant culinary scene.
The interplay between the Boglione family and their landlord pivots on the future of The Petersham and La Goccia, and many have expressed hope for positive outcomes from the negotiations. Strong community support for the restaurants–both part of the treasured Petersham legacy–continues, even as uncertainties loom overhead.
Running two highly-regarded eateries is no small feat, particularly amid fluctuated market conditions and inflated expenses. The next week will prove pivotal. A favorable resolution could breathe fresh life back to The Petersham and La Goccia, ensuring they serve diners and continue their gastronomic contributions to the Covent Garden area.